Income tax act 194j

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WebMar 8, 2024 · While Section 194J is quite simple, there are some terms and conditions for TDS deductions that you should know about. These terms and conditions are as follows: … WebApr 12, 2024 · The present article features the amendment to TDS section 194J of the Income-tax Act, 1961 by the Finance Act, 2024.. As per the proposed amendment to TDS section 194J, TDS on fees for technical services (other than professional services) is reduced from 10% to 2% with effect from 1st April, 2024.Till 31st March, 2024, the TDS …

Section 194J OF INCOME TAX ACT I TDS ON PROFESSIONAL …

WebThe amended provision of section 194-I is effective for financial year 2024-23 relevant to the assessment year 2024-24. In this article, you will learn detail of the provisions of section … WebWhat is Section 194J of the Income Tax Act? According to Section 194J of Income Tax Act, a person employed in professional or technical services is liable to pay income tax at the prescribed rate of 10% directly from their income sources. can mongoose climb trees

Section 194J TDS on Professional or Technical Fees - Tax2win

WebFeb 3, 2024 · The Deductor is liable to deduct TDS @ 10% under section 194LA of the Income Tax Act, 1961. No surcharge, education cess, or SHEC shall be added to the above rate. Hence, TDS shall be at the basic rate. ... TDS u/s 194J needs to be deducted by deductor other than an individual or a HUF, @ 10% on any amount paid or payable to any … WebSection 194J of the Income Tax Act deals with the payments made in the form of professional or technical fees to doctors, lawyers, accountants, etc. As per the rules and … WebFeb 17, 2024 · TDS under section 194J of Income Tax Act shall be deducted at the earlier of the following two occurences : – Credit of technical fees or professional fees or Royalty or … fix gateway touchpad issues windows 10

Section 194J : Fees for Professional or Technical Services

Section 194 R sub-section 2, Income Tax Act , 1961– Who is

WebJun 15, 2024 · TDS under section 194C is not required to be deducted in following cases: The amount of payment made to the contractor in a single contract which does not exceed Rs.30,000.If the aggregate amount of such contracts in a financial year exceeds Rs.1,00,000 then TDS will be deducted. Web1 day ago · Sec 197 of the Income Tax Act provides an option to the person for make an application to the respective Assessing officer for lower deduction/ Non deduction of tax. Where the assessing officer is satisfied that the existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, then he may ... can monkey d dragon use hakiWebSep 30, 2024 · Section 194J of the income tax act is applicable to every person, not being an individual or a HUF, who makes a payment in respect of the services notified is under … can monkeypox be in the mouth

"WebSection 194J of the Income Tax Act focuses on provisions regarding TDS deduction by a payer while making payments to a resident individual for providing specified technical and … " - Income tax act 194j

Income tax act 194j

WebApr 15, 2024 · According to the rules and regulations of Section 194J of the Income Tax Act, 1961, a person must deduct their Tax Deducted at Source (TDS) only at the rate of 10% … WebJun 14, 2012 · (i) the software is acquired in a subsequent transfer and the transferor has transferred the software without any modification, (ii) tax has been deducted- (a) under section 194J on payment for any previous transfer of such software; or (b) under section 195 on payment for any previous transfer of such software from a non-resident, and

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WebMay 26, 2024 · TDS Section 194J of the Income Tax Act 1961 includes provisions regarding the TDS deduction of fees for technical as well as professional services. We prepared this … Web[As amended by Finance Act, 2024] Tax deducted at source from interest other than interest on securities (Section-194A), from fees for professional services/technical services/royalty (Section-194J) and from interest on securities (section 193) For quick and efficient collection of taxes, the Income-tax Law has incorporated a system

Web2 days ago · Facts- Assessee contested addition of Rs. 3,15,000/- treating rent received from M/s VM Rubber Industries as undisclosed income as TDS was deducted u/s 194J instead of 194I of the Income Tax Act. Notably, assessee has shown rental income of Rs. 3,15,000/- in his return of income and had claimed deduction u/s. 24 of the Income Tax Act @ 30% as ...

WebMar 5, 2024 · Section 194J of the Income Tax Act requires the deduction of tax at source on professional or technical services. This section applies to payments made to a resident individual, Hindu Undivided Family (HUF), partnership firm, Limited Liability Partnership (LLP), or private limited company. In this blog post, we will discuss Section 194J in detail. WebAug 6, 2024 · TDS Section 194J is a provision in the Income Tax Act 1961 that deals with the deduction of TDS on fees for technical and professional services. The section is getting attention again after the Finance Bill 2024, …

WebApr 11, 2024 · The Mumbai Income Tax Appellate Tribunal (ITAT) has recently held that roaming charges paid by Vodafone India to other telecom operators are not subject to Tax Deduction at Source (TDS) under section 194C or 194J of Income Tax Act, 1961. Assessee-Vodafone India Ltd. filed the appeal against the order of Commissioner of Income Tax …

Web194J. Fees for professional or technical services. 194K. Income in respect of units. 194L. Payment of compensation on acquisition of capital asset. ... Income-tax (Second Amendment) Act, 1998 (11 of 1999) Finance Act, 1999 (27 of 1999) Income-tax (Amendment) Act, 1999 (28 of 1999) can monkey noodle fidget toy get wetWebOct 2, 2024 · As per the utility of e-TDS provided, section code 194JA is assigned to denote deduction of tax under section 194J @ 2% whereas section code 194JB is assigned to … can monkeypox be healedWebJun 13, 2024 · What is section 194J under the Income Tax Act? Section 194J stated that any person who is paying fees to any resident person for specified services, then TDS is … can monitor lizards regrow tailsWebNov 23, 2024 · The existing section code 194J (i.e. Fees for Professional or Technical Services) has been sub-divided now into two sections, 194J (a) and 194J (b), effective from August 7 2024. u/s 194J (a) of the Income Tax Act, is related to TDS deduction on fees for Technical Services, and u/s 194J (b) of the Income Tax Act is related to TDS deduction on … fix ge 2000 microwaveWebFeb 2, 2024 · Section 194J of the Income Tax Act, 1961 states the provisions for deducting tax at source during payment of fees for professional services or technical services or royalty. 2. What are all the payments covered under this section? Fees for professional services Fees for technical services Director remuneration Royalty Non-compete fees 3. can monkeypox be spread by mosquitoesWebJan 18, 2013 · Sec.194J of the Income Tax Act. Download Preview. Description: TDS Section 194J ï‚· Fees for Profession or Technical Services etc. ï‚· Paid to the REsidents … can monkey d dragon beat blackbeardWebSection 194J OF INCOME TAX ACT I TDS ON PROFESSIONAL FEES I 194J TDSHiI am CA Vijay Gupta, welcome you all to our YouTube Channel CA Vijay Gupta .I am into ... fix ge air conditioner touch pad